A new PayStream Advisors report details how automating the entire invoice lifecycle can give companies a competitive edge.
PayStream Advisors recently released their 2014 IWA Benchmark Report which tracks
current market trends in invoice workflow automation (IWA) usage and shows the benefits companies realize when it’s implemented. Corcentric helped to underwrite the report which surveyed individuals employed in a variety of industries to discern how many of them are implementing an end-to-end automated invoice workflow solution, rather than a piecemeal approach that may just include scan and data capture, or e-invoicing alone.
According to the report, “When companies synchronize their invoice workflow with robust automation software, they create optimized data flow and integration with ERPs, more cost control, and competitive advantage.” Among the findings of this report:
- There’s still a very long way to go; only 15% of companies surveyed pay over 75% of their invoices electronically, while 13% pay no invoices electronically.
- 60% of companies surveyed are currently using, deploying, or considering implementing IWA technology.
- Only 29% of those surveyed indicated that they ‘always’ captured available discounts. Without the visibility that IWA provides, discount capture can often be missed.
- When asked to list which problems most often led to late payments and lost discounts, 68% said “manual routing of invoices,” and 58% cited “lengthy approval cycles.”
Additionally, the report takes a detailed look at the pathway IWA takes throughout the invoice lifecycle and shows that success depends on a higher level of integration between front-end invoice processing and workflow software.
Download a complimentary copy of PayStream Advisors 2014 IWA Benchmark Report: Capturing Competitive Advantage
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